Iran’s natural gas sector is seeking investments worth $80 billion to boost production, according to Bloomberg.
Despite having the second largest gas reserves worldwide, Iran might have to import fuel for sometime, according to the country’s Oil Minister Javad Owji. In order to meet domestic demand for diesel and gasoline, the Middle Eastern country has to keep channeling significant amounts in its oil refineries.
“In the absence of adequate investment we will be forced to import,” Bloomberg reported, citing Javad Owji.
When former US President Donald Trump halted the 2015 nuclear deal and imposed tight sanctions on Iran, several western oil and gas firms completely abandoned operations and projects in the country.
Prior to this, the country was aiming to construct liquefied natural gas, or LNG, terminals that are capable of diverting cargoes to Europe. In May, Iran invited firms and businesses to submit proposals for the construction of small LNG units as it aims to revive those plans.
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